Avoid These Mistakes While Doing a Transaction

This title is looking totally stupid or wastage of time for you but it is still a big issue. We have to give attention while making any cryptocurrency coin transaction. One mistake and your funds are permanently lost.

Here we understand how it can be dangerous for us if we will do a transaction blindly and what are the worst mistakes that happened in history.

Anonymous Virus or Malware attack

Sometimes we install the software in our system ( pc /laptop or mobile ) from third-party platforms and that software or app which is running in your mobile or computer is continuously spying that what you are doing and writing.

Unfortunately, we cannot detect such apps or software activity directly without any deep attention.

Usually, this software or application attacks the copy & paste algorithm. When you will go for a fund transfer then the pasted address will be replaced by the fraudulent app’s address and in that case, if you will not see carefully then that will result in a big loss for you.

Small Mistake & Big penalty

If we will do fund transfer at daily basis then we don’t think that we need to take more attention to the procedure of send and receive but sometimes a small mistake can result in a big loss and that loss will go as a reward to those miners who are supporting the blockchain system by mining.

Actually what happens, when we send funds to any address then we can see a lag in confirmation of the transaction and that leads to high fees during a transaction. If we pay somewhat low fees than still, we will be able to get our transaction confirmed with consumption of more time and vice versa.

But if we will pay fees very high then the wallet will never inform you, with attention text, that your transaction fees is very high, so understand this point that if you will add a very high amount of fee then there are chances that you will lose a huge amount of money. Always check the average fee of the blockchain at the time of the transaction and if you are in a hurry pay little more than the average fee and your transaction gets confirmed in the next few blocks.

Understand this thing with a small example, if you are going to do a transaction then there you need to pay 10000 Satoshi as a fee, but suppose if you will increase your fees to get faster confirmation then you will have to pay 100000 Satoshi ( just take an example only ), but think what will happen if you will add one more zero by mistake ?? Obviously, you will lose around 1000000 Satoshi = 0.01btc, which is approximately 110$ ( according to the current time price ).

Here this example explained that how you may face a big loss with a small mistake.

Biggest Mistake Ever

Since the first mistake of becoming a victim of scam or fraud by an anonymous app or software is a very common example is the present time but the Second mistake of fees is really a big thing that we saw.

Actually, this is not a very fresh thing, it is a mistake done by a person around 110 days ago from now. He did a transaction of ethereum and paid fees 10668.73 ETH to transfer just 0.55 ETH by mistake.

Here is the link of the transaction, Click here

There are many events when a person wrongly inputs the sent amount in the fee field and lose their funds.

We can see clearly how a person spent approximately $3817058.8 just for a transaction of $196.7. We can see a tweet regarding this matter here, where a user tweeted that “someone missed a decimal point in their gas price Oops “

What should do Before Transaction?

Before fund transfer, we should double-check our amount of fee that we are paying for that transaction, and also we should check the address of the receiver carefully.

Summary: Never visit at malware containing websites and don’t download apps and software from third-party platforms, only download from genuine platforms, and always double-check your transaction fee and address before transfer the funds.